Thai Cryptocurrency Sellers Will Go to Prison for Not Complying with a New Bill 174

Thai Cryptocurrency Sellers Will Go to Prison for Not Complying with a New Bill

A bill has come into effect since last night that aims to regulate digital currencies and assets In Thailand.The people guilty of the law violation are expected to pay fines on a large scale up to imprisonment.

Citizens and residents of the country must register with a special security commission at the Stock Exchange of Thailand, which the regulators provided exactly 90 days for.

Cryptocurrency sellers who neglected to fulfill the requirements expect a prison sentence of up to two years or a fine in the amount of twice the amount of the transaction, which should be no less than 15.6 thousand US dollars.

“The adoption of the law is aimed at ensuring comprehensive regulation of cryptocurrencies and digital tokens, as well as preventing money laundering and tax evasion,” a representative of the Ministry of Finance of Thailand said.

We remind you that the Thai authorities banned financial organizations from performing any actions with digital currency in February, before the innovation, after that the cryptocurrency transactions were taxed by two types of taxes. All transactions with cryptocurrency and operating fees were accompanied by official VAT of 7%. Also, the capital gain had a tax of 15%.

The sanctions are aimed at suppressing activities inside trading platforms that attackers use to launder money and avoid state taxes.

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The Japanese bank MUFG Will Launch Its Own Cryptocurrency 160

The Japanese bank MUFG Will Launch Its Own Cryptocurrency

After loud statements by Buffett and Gates concerning cryptocurrency, it seemed that at least the state institutions of countries would refuse from it, but a Japanese bank Mitsubishi UFJ Financial Group still decided to acquire its own cryptocurrency, MUFG Coin, in 2019.

“Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters. “However we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a blockchain technology.”

According to NHK Japan, the digital currency MUFG Coin will be tested for suitability in several regions of the country. 100,000 people who are associated with the company will be able to participate.

Representatives of the bank will provide an opportunity for users to use the cryptocurrency as a means to pay for goods and services in shops and institutions. The bank’s digital currency can be transferred to the accounts of those who participate in the project. If the idea is successful, then MUFG will be the first Japanese bank that has its own digital currency.

The MUFG coin can be used exclusively in Japan. In the world market it can be traded in pairs at non-financial currency exchanges instead of USTD (Tether cryptocurrency, tied to the dollar).

Those people who have downloaded and installed an application that automatically converts deposits into MUFG Coin will be able to take part in the test of the new currency. The cost of one coin is equal to one yen.

We remind you that the management of Mitsubishi UFJ Financial Group announced its intention to launch a  cryptocurrency exchange with the national currency, as well as a service with split Bitcoin-accounts.

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Cryptocurrency Advertising Was Banned on the Bing Search Engine 71

Cryptocurrency Advertising Was Banned on the Bing Search Engine

According to Investing, the search engine Bing, which belongs to the largest corporation Microsoft, will no longer display ads on cryptocurrencies, blockchain technology and products related to digital currency.

“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.” wrote Melissa Alsoszatai-Petheo, a Bing advertiser policy manager, in the announcement. “To help protect our users from this risk, we have made the decision to disallow advertising.”

The updated policy on financial products and services will go into effect worldwide in June, and the enforcement will begin in late June or early July. Although Bing is not the most popular search engine, but the market of cryptocurrencies reacted to the news with a fall.

We remind you that earlier such global media, as Facebook, TwitterGoogle and YouTube refused to display ads of cryptocurrencies.

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